Kakao Klaytn Ahead Of Facebook Libra, Says Kakao CEO
November 29, 2019
Kakao Klaytn Ahead Of Facebook Libra, Says Kakao CEO
November 29, 2019

The CEO of South Korean internet giant Kakao, Yeo Min-soo, said that Klaytn blockchain is similar to Facebook’s Libra although it is way ahead in its development.

On Nov. 28, the Korea Herald reported on Min-soo’s views on Klatyn’s development during the first Klaytn Governance Council Summit held in Seoul.

“Facebook’s Libra launched last month with aims to recruit 100 partners. Libra is taking a similar approach to ours, but it has yet to experience the milestones we have crossed. […] Next year, Klaytn will become Asia’s biggest blockchain consortium.”

One of The Fastest Growing Ecosystem

The Klaytn platform, developed by Kakao’s blockchain subsidiary Ground X, currently has 27 firms in its Governance Council, of which the combined value is reportedly 70 trillion won (over $59.3 billion). 

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Min-soo added that to Klaytn platform belongs to all the Klaytn council members and not solely just to Kakao.

The CEO adds that Klaytn platform is processing a daily transaction volume of around 700,000. According to the blockchain data website BitInfoCharts, Ethereum’s blockchain processed over 674,000 transactions on Nov. 27. Kalytn platform was launched in June and has been operating without any errors since its operation. That is quite comparable to the Ethereum blockchain, which has been active since 2015.

In September, Binance joined the Klaytn Governance Council to partake in the platform’s blockchain operation to further developments in bringing mass blockchain adoption globally. 

In October, OKEx announced that it has joined joining Klaytn developed by Kakao subsidiary, Ground X.

Source: The Korea Herald | Cointelegraph | Image: Coinone


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Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
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